Providing for the Future
With philanthropy as a cornerstone of Jim Moran's personal and business philosophy, Jim wanted to provide for a continuation of his giving back to the community into perpetuity. After many years of discussing the concept of a Foundation, in 2000, it finally began to take shape. Working with JM Family and a group of advisors, the groundwork for The Jim Moran Foundation and its funding began.
Organizing The Foundation
The Jim Moran Foundation, Inc. ("The Foundation") was incorporated as a not-for-profit corporation in the State of Florida on October 17, 2000. Early in 2001, The Foundation filed for tax exempt status under Section 501(c)(3) of the Internal Revenue Code. On April 17, 2001, the Internal Revenue Service issued a determination letter acknowledging The Foundation's tax exempt status and further stating that it is considered a Private Foundation. As such, The Foundation is required to distribute a minimum of 5% of its average assets to qualified charities on an annual basis.
Choosing a Founding Board of Directors
At the time The Foundation was incorporated, the Founding Board of Directors was selected. Jim Moran was joined by his wife, Jan, as President and Chairman of the Board, a long time friend, Melvin Stith, Dean of the Florida State University College of Business, and three JM Family associates, Tom Blanton, Melanie Burgess and Larry McGinnes, to complete the initial slate of six directors. This Founding Board of Directors was selected based on their long-term relationships with Jim Moran and the trust that he placed in them to establish the policies and procedures to carry out the mission of The Foundation and Jim's guiding philosophies.
Creation of the Mission Statement
During the initial Board retreat, the Founding Board members had the opportunity to have in-depth discussions with Jim Moran about the reasoning behind his decision to create The Foundation and his philanthropic philosophies. With this insight, the following Mission Statement was developed and subsequently adopted by the Board of Directors:
The mission of The Jim Moran Foundation is to improve the quality of life for the youth and families of Florida through the support of innovative programs and opportunities that meet the ever-changing needs of the community.
Initial Projects
The initial projects of The Foundation consisted of creating an investment policy, developing Grant Making Guidelines, designing and creating a Web site, developing a plan to present The Foundation to JM Family associates and the public, establishing guidelines for the Archives and creating this white paper.
Location
Due to the close long-term relationship that exists with JM Family, it was decided that The Foundation would be located on the JM Family campus in Deerfield Beach, Florida.